Eolian secures US$463 million financing for Padua 2 and Padua 3 BESS projects

By Global Infrastructure Sherpa · Oct 14, 2025

Financing Battery Storage announced Bexar County, USA Oct 14, 2025

USD463M

Deal Value

350 MW

Capacity

construction

Stage

Padua 2 and Padua 3

Project

Eolian has closed a US$463 million financing package to support the continued construction of Padua 2 and Padua 3, two battery energy storage systems (BESS) totalling 350MW/1.7GWh in Bexar County, Texas. The financing was arranged by Natixis Corporate & Investment Banking.

Deal Analysis

Eolian L.P. has secured a US$463 million financing package from Natixis Corporate & Investment Banking for the construction of the Padua 2 and Padua 3 battery energy storage systems (BESS) in Bexar County, Texas. The projects, totaling 350MW/1.7GWh, represent a significant investment in grid-scale energy storage infrastructure. This financing underscores the growing confidence in BESS projects as crucial components of a modern, reliable, and renewable-powered electricity grid. The deal enables Eolian to continue developing its portfolio of renewable energy projects, furthering its mission to provide clean and sustainable power. The financing is notable for its size, reflecting the capital intensity of large-scale BESS projects. The involvement of Natixis Corporate & Investment Banking, a major financial institution, signals the increasing maturity and bankability of the battery storage sector. This deal will contribute to the expansion of energy storage capacity in Texas, a state experiencing rapid growth in renewable energy generation and increasing demand for grid stability services. The successful financial close of this project is likely to encourage further investment in similar BESS projects across the United States.

US$463 million financing package secured for 350MW/1.7GWh BESS projects.
Eolian L.P., an independent power producer, is the project developer.
Natixis Corporate & Investment Banking acted as the lender.
The projects are located in Bexar County, Texas, a region with growing renewable energy capacity.

Market Context: The battery storage market is experiencing rapid growth, driven by the increasing penetration of renewable energy sources and the need for grid stabilization. Texas, with its significant wind and solar resources, is a key market for BESS deployment.

Source Intelligence

KEY DETAILS

The Padua Complex is expected to be completed in the Spring of 2026, and will provide 400MW/1.8GWh of capacity, sited adjacent to the retiring J.K. Spruce coal plant units and the V.H. Braunig natural gas power plant. Construction started earlier this summer on Padua 2, with a capacity of approximately 150MW/750MWh, and Padua 3, with a capacity of approximately 200MW/1,000MWh. By funding Padua 2 and 3 in one closing, Eolian says it guarantees that construction proceeds smoothly, allowing the projects to meet their scheduled operational start dates in Winter and Spring 2026.

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Deal Size

Eolian has closed a US$463 million financing package to support the continued construction of Padua 2 and Padua 3

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Capacity

two battery energy storage systems (BESS) totalling 350MW/1.7GWh

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Location

totalling 350MW/1.7GWh in Bexar County, Texas

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Announcement

By April Bonner October 14, 2025

PARTIES MENTIONED IN SOURCE

Eolian developer

"IPP Eolian has closed a US$463 million financing package"

Natixis Corporate & Investment Banking advisor

"This financing, arranged by Natixis Corporate & Investment Banking"

CPS Energy buyer

"Earlier this month, Eolian and utility CPS Energy began operating Padua 1"

Tesla supplier

"All three projects utilise battery energy storage equipment supplied by Tesla."

Greenflash Infrastructure investor

"H.I.G. Capital-backed energy platform, Greenflash Infrastructure, also recently closed on a hybrid tax capital and debt financing for what it claims to be the largest standalone BESS in Texas, the 400MW/800MWh Project Soho"

high quality Enriched Feb 19, 2026